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Bio
Grant Ehat, Managing Partner, Willard Retail
Grant directs the acquisition, business development and anchor leasing activities at Willard Retail. With more than 28 years of experience in the commercial real estate industry, he is actively involved in the entitlement, design, and development processes for the company’s pipeline.
Before founding Willard Retail, he co-managed the retail portfolio and led the acquisitions of JBGR Retail for 15 years. Grant’s development history includes more than one million square feet of ground-up retail development and over 1,000 residential units at some of the Washington area’s most notable projects such as North Bethesda Market and Market Square at Frederick in Maryland; 77 H Street in Washington, DC; and Woodland Park Crossing, Kings Crossing, and 1700 Duke Street in Virginia.
He holds a B.B.A. from James Madison University, is a licensed real estate broker in Virginia, Maryland, D.C., and Pennsylvania and is an active member of ICSC and ULI. Additionally, Grant sits on the board of the Arlington Free Clinic.
Show Notes
- Grant’s role at Willard Retail (00:04:50)
- Grant discusses his decision to start Willard Retail and his role in the company.
- Finding a capital partner for Willard Retail (00:06:40)
- Grant talks about finding a capital partner and the challenges they faced in the process.
- Grant’s and Magic’s roles at Willard Retail (00:07:30)
- Grant explains his role as the originator of deals and his capital relationships, while Mike Majestic’s (Magic’s) role involves quantitative skills and urban planning.
- Grant’s upbringing and parental influences (00:09:15)
- Grant shares about his upbringing, parental experiences, and influences from his mother and stepfather.
- Early career experiences (00:15:30)
- Grant discusses his early jobs in sales and his transition to selling land, including the challenges and successes he faced.
- Transition to retail leasing (00:23:00)
- Grant talks about his transition to retail leasing, his time with Weisberg, and his move to JBG as a retail leasing director.
- The early career and company growth (00:27:00)
- Grant discusses his early job offers and the growth potential he saw in JBG, leading to the company’s expansion and the merger with the Rosenfeld family assets.
- Impact of Hechinger bankruptcy (00:29:50)
- Grant explains how the Hechinger bankruptcy provided opportunities for anchor deals and the merging of family assets, leading to a significant shift in the company’s portfolio.
- Leasing and retail viability (00:31:30)
- The conversation delves into the multifaceted approach required for retail leasing, including understanding center merchandising, retailer viability, and negotiations.
- Evolution and challenges in retail (00:35:10)
- Grant discusses the challenges faced by retailers, including the difficulty for mom-and-pop stores and the ever-changing landscape of retail concepts.
- Transition to asset management (00:39:30)
- Grant reflects on the transition from leasing to asset management and the importance of character, loyalty, and trust in building a successful team.
- Formation of Willard Retail Group (00:47:20)
- Grant details the formation of Willard Retail Group, including the buyout from JBG and the subsequent growth of the company’s portfolio and team.
- The history of Cascades Marketplace (00:52:10)
- Discussion about the development of Cascades Marketplace and its unique features in the suburban area.
- Redevelopment of a Regal movie theater (00:54:00)
- The process and success of redeveloping a Regal movie theater into a mixed-use environment.
- Entitlements and zoning of properties (00:56:20)
- Challenges and success in acquiring entitlements and zoning for a property adjacent to Cascades Marketplace.
- Relationship with Loudoun County supervisors (00:59:30)
- The impact of county supervisors on the approval and development process.
- Evolution of retail and entertainment trends (01:02:25)
- Adaptation to changing market trends and the shift in perception of retail and entertainment properties.
- Challenges in placemaking and retail strategy (01:05:00)
- Discussion on the challenges and strategies in creating successful retail and entertainment spaces.
- Development of Downtown Crown project (01:09:39)
- The history and complexities of the development of the Downtown Crown project in Montgomery County.
- The retail business and Walmart expansion (01:18:00)
- Discussion on the current state of retail centers and Walmart’s plans for urban expansion.
- Walmart’s urban stores and projects (01:18:30)
- Insights into Walmart’s urban store initiatives and the speaker’s involvement in Walmart’s urban projects.
- Georgetown Law School adjacent Walmart project and its success (01:20:00)
- Details about the Georgetown Walmart project, its significance, and the speaker’s pride in its success.
- Adapting mixed-use properties in the market (01:22:40)
- Adaptation of mixed-use properties in response to the changing retail and office market, with a focus on the Park Ridge shopping center.
- Willard Retail’s staffing and operations (01:26:25)
- Discussion on Willard Retail’s staffing, operations, and its approach to property management and leasing.
- Adaptability and niche in the real estate market (01:30:40)
- The adaptable nature of Willard Retail and its niche in the real estate market, emphasizing the pursuit of high-yield deals.
- Hiring and characteristics sought in employees (01:34:30)
- Qualities sought in potential employees and the consideration of experience in hiring decisions.
- Inspirational figures in the real estate industry (01:36:10)
- Notable individuals in the real estate industry who have inspired the speaker, highlighting their qualities and contributions.
- Life priorities and giving back (01:38:40)
- The speaker’s life priorities, including family, work, and involvement in nonprofit work.
- Opportunities, Alternatives, and Resources (01:40:00)
- Grant’s involvement in the OAR organization and their work with justice-involved individuals.
- Biggest Wins and Losses (01:40:20)
- Grant discusses the satisfaction of developing mixed-use projects and the financial setbacks experienced in certain deals.
- Retail Development Challenges (01:41:30)
- Grant reflects on the challenges faced in retail development, particularly the difficulties in leasing and the impact of competing retail centers.
- Downtown Washington Leasing (01:44:00)
- Grant shares his ideas for revitalizing downtown Washington, including unique attractions and zoning adjustments.
- Advice to Younger Self (01:45:15)
- Grant reflects on giving himself more leeway and focusing on personal relationships and well-being.
- Billboard Statement (01:47:05)
- Grant’s message promotes kindness and the importance of listening to others.
